If you have an array of items in the Inspector and want to delete an entry from the middle of the array, you can select the item (click on its name, it should turn blue) and then do a Shift-Delete. The item should be gone then, and your array size will decrement.
See this link http://blog.almostlogical.com/2011/12/19/unity-editor-lesser-known-features/
Heads up, though! It says you have to do Shift-Delete twice, but that isn't actually correct.
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